Phil Mickelson takes a mulligan on taxes

Golfer Phil Mickelson is backing off a threat to retire over higher federal and state taxes in California.

“I absolutely love what I do,” the 42-year-old Mickelson, a three-time Masters champion, said in a statement Monday night, according to CBS Sports. “I love and appreciate the game of golf and the people who surround it. I’m as motivated as I’ve ever been to work on my game, to compete and win championships. I’m like many Americans who are trying to understand the new tax laws.”

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He added, “I certainly don’t have a definitive plan at this time, but like everyone else I want to make decisions that are best for my future and my family. Finances and taxes are a personal matter and I should not have made my opinions on them public. I apologize to those I have upset or insulted and assure you I intend to not let it happen again.”

During an interview after finishing his round at the Humana Challenge in Palm Desert, Calif., on Sunday, Mickelson hinted he might leave his home state of California over high taxes there. In November, voters in California approved Proposition 30, which increased taxes for the highest earners — like Mickelson, who Forbes estimates is the world’s 7th-highest paid athlete — from 10 percent to 13.3 percent. The deal to avert the fiscal cliff increased Mickelson’s federal tax burden from 35 percent to 39.6 percent.

“There are going to be some drastic changes for me because I happen to be in that zone that has been targeted both federally and by the state and, you know, it doesn’t work for me right now,” Mickelson said Sunday. “So I’m going to have to make some changes.”

Mickelson said he had to consider retirement or moving from California because “if you add up all the federal and you look at the disability and the unemployment and the Social Security and the state, my tax rate’s 62, 63 percent.”